It’s one thing for a defendant to use real estate as collateral in lieu of bail or as required by an agency providing Collateral Bonds in Midwest City. It’s quite another for someone to do this to help a defendant secure pretrial release from jail. With this arrangement, the court or the bonding agency has a lien on the real estate. The individual runs the risk of losing the property if the defendant runs away.
When Collateral Is Required
Collateral issued to a bail bonding agency normally is required if the bail was set relatively high and if the defendant could be viewed as a flight risk. Since the agency is responsible for cash bail if the defendant proves unreliable, it may insist on collateral under these circumstances. In some instances, a defendant may be able to back up the bond with collateral or cash, but needs a relative or close friend to provide the rest. This is still a risk that the one who would be doing the favor must consider carefully.
The Risk
After people obtain Collateral Bonds in Midwest City on behalf of defendants, those clients are responsible for making sure the person they have set free makes all court appearances as required. The bonding agency has the right to turn the collateral over to the court if the defendant disappears, since the court now demands full cash bail or equal collateral.
The Agency Fee
The bond had been posted to guarantee the defendant’s compliance with directions. Aside from collateral, the client must pay a fee that is a defined percentage of the bail amount. This is to pay an agency such as Advise Bail Bonds for its service.
Return of Collateral
Collateral from a bonding agency offering 24 hour Available Service is returned in full when the case ends, even if the defendant pleads guilty or is found guilty in court. When the defendant provides the collateral, this man or woman is more motivated not to leave town because doing so could lead to losing a substantial asset. As with other types of secured loans, the collateral is returned or the lien is lifted when the scenario is over.
